Item | Quantity | Unit cost | Unit market price | Total cost | Total market price |
1 | 800 | 4.95 | 4.80 | 3960 | 3840 |
2 | 600 | 9.50 | 8.90 | 5700 | 5340 |
3 | 800 | 6.90 | 6.70 | 5520 | 5360 |
4 | 1000 | 8.00 | 8.40 | 8000 | 8400 |
Total | 23180 | 22940 | |||
Lower of cost or market applied to total inventory is $22,940 | |||||
Option C $22,940 is correct |
Given the following data, what is the cost of the inventory using the lower-of-cost-or-market method applied...
Given the following data, what is the cost of the inventory using the lower-of-cost-or-market method applied to individual items? Item Quantity Unit Cost Unit Market Price 200 $4.40 $4.10 2 800 $3.30 $3.50 200 $7.20 $7.30 1,000 $2.00 $2.26 O $7,340 O $6,960 O $7,280 $6,900
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A. perpetual inventory using FiFO
B. lower of cost or market method
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I need help figuring out how to find the ending inventory using
the lower-of-cost-or-market method:
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Lower-of-cost-or-market-method
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per Unit Jake Stone Company evaluated its inventory using the Lower of Cost or Market method. If the Lower of Cost or Market was applied to the following items, what should the total inventory value be? Inventory Cost per Market value Total Total Item Quantity Unit Cost Market 300 $15.00 $14.50 $4,500 $4,350 200 $14.00 $15.00 $2,800 $3,000 $17.00 $17.50 $1,700 $1,750 100